Comments on: Credit Card Companies are Screwed with the New Bill

By: Sharon

Sharon — Mon, 05 Oct 2009 21:09:10 +0000

Too bad the credit card companies turned around and screwed us! Last week I got 3 notices that my credit cards’ interest was being jacked up 15%-20% to absolutely insane rates! They gave me my 45 days notice though…. thank you Obama! LOL

By: PF Credit Cards

PF Credit Cards — Wed, 20 May 2009 02:48:33 +0000

Thanks, it’s been corrected.

I agree that this just means they will be on the conservative side and most people who have enjoyed benefits will have all of that reduced.

It will be interesting how exactly it will play out though but either way, someone like me who pays everything in full will just have less benefits from credit cards in the future with this bill.

By: Cheryl

Cheryl — Wed, 20 May 2009 02:25:02 +0000

I think it means that they’re going to cancel everyone who is teetering on the brink, and then extend credit only to the very highest credit ratings. If your score is below, say, 750? 800? You’re going to end up with a $300 credit limit and 29.99% interest.

I’m not saying it’s a bad thing, necessarily. We need to learn to live within our means.

Also, the line “Give 45 day notice to customers before they can interest the interest rates” should probably be “Give 45 day notice to customers before they can raise the interest rates.”